HomeMy WebLinkAbout2024-04-15 I01F_02 Sewer Revenue Capital Loan Redemption Series 2016CAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 15, 2024
AGENDA ITEM:Consideration of approval of a resolution authorizing the redemption of
outstanding Sewer Revenue Capital loan Notes, Series 2016C, of the
City of Waukee, State of Iowa, dated December 20, 2016, and directing
notice be given
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: During FY25 budget discussions PFM the City’s
financial advisors recommended the City call the remaining balance on
the 2016 Sewer Revenue Capital Loan Notes, Series 2016C. The Sewer
Utility Fund has sufficient cash balances to complete the refunding.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Prepayment of $2,075,000
in principal will save the City $433,625.12 in interest costs.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the Resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Linda Burkhart
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1F2
RESOLUTION 2024-
RESOLUTION AUTHORIZING THE REDEMPTION OF
OUTSTANDING SEWER REVENUE CAPITAL LOAN NOTES,
SERIES 2016C, OF THE CITY OF WAUKEE, STATE OF
IOWA, DATED DECEMBER 20, 2016, AND DIRECTING
NOTICE BE GIVEN
WHEREAS, the City did by resolution dated December 5, 2016, authorize the issuance of
$2,685,000 Sewer Revenue Capital Loan Notes, Series 2016C, (the "Notes") dated December 20,
2016; and
WHEREAS, the Notes are redeemable in any order of their numbering on June 1, 2024 or
any date thereafter upon giving notice in the manner provided in the resolution authorizing the
issuance of the Notes; and
WHEREAS, it is deemed necessary and advisable that $2,075,000 be so redeemed on
June 1, 2024 and notice of redemption be given according to the terms of the resolution
authorizing issuance of the Notes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1.That outstanding Sewer Revenue Capital Loan Notes, dated December 20,
2016, in the principal amount of $2,075,000, be and the same are hereby redeemed as of June 1,
2024.
Section 2.The Registrar and Paying Agent, UMB Bank, N.A., in its capacity as assignee
of and successor to Bankers Trust Company, is hereby authorized and directed to cause notice of
such redemption be given not less than thirty (30) days prior to the redemption date and to cause
notice of redemption to be mailed to the registered owners of the Notes by ordinary mail, and to
notify DTC.
Section 3.The Director of Finance is hereby authorized and directed to cause to be
deposited in a separate fund sum sufficient to pay all principal and interest on the redeemed
Notes to the date of redemption and to notify the City's dissemination agent to post the Notice of
Redemption to the MSRB's website (EMMA) in searchable PDF format for the refunded Notes
in accordance with the Continuing Disclosure Certificate for the Notes.
Section 4.That the form of such notice be substantially as follows:
PASSED AND APPROVED this 15th day of April, 2024.
Mayor
ATTEST:
City Clerk